Early repayment of a mortgage at Sberbank is an opportunity that has become commonplace. You can close a loan at any stage, which allows you to save a significant amount of money. Basis - Federal Law FZ-284 of October 19, 2011. but the Civil Code of the Russian Federation (clause 2, article 810) obliges borrowers to notify the lender of their intention to terminate the mortgage agreement at least a month in advance. It is believed that it is difficult to take advantage of the early repayment option. But this is if you do not use the information and recommendations of specialists.
Possible restrictions on early repayment by the bank
There is indeed resistance from creditors. It is really unprofitable for the bank if the money is returned prematurely, since the interest rate is determined based on the maximum repayment period. Therefore, bankers try to protect and preserve the profits generated by the interest paid by borrowers. The conditions for early repayment depend on the requirements of the signed agreement. Sometimes the banking structure provides for the following restrictions:
- Minimum payment amount. In Sberbank it is 15 thousand rubles.
- A written notice is given one month before the loan is repaid.
- The borrower pays a penalty for early repayment of the debt.
- The bank recalculates the interest rate upward.
Sberbank allows all clients to repay the balance of debt at any time without any fines or recalculations.
Types of mortgage payments
When deciding on early repayment, you should take into account what type of payments is provided for in the loan agreement. Not only expediency depends on this. As a result of the calculation, the benefits will become obvious. Then it is necessary to compare the amount of savings with the costs that will have to be incurred if the mortgage is not issued at Sberbank. The agreement may provide for a penalty for early repayment or recalculation of the interest rate in the event of early termination of the agreement.
Annuity payments
In this case, a specific amount is assigned, consisting of the loan body and interest, distributed in proportion to the number of months allocated for repayment. In the first months, the interest rate reaches 90%, while the last payment includes less than 10% of the overpayment. Therefore, to maximize savings, it makes sense to take advantage of early repayment as early as possible. In recent reporting periods, the loan body is mostly repaid. This means that early repayment does not make sense if you have to disadvantage yourself.
Differentiated payments
With this scheme, the principal of the loan is repaid in priority order, followed by interest. Initially, the payment amounts are large, but over time they decrease. In the last year, paying off your mortgage becomes easier, as the payment amount is reduced significantly. This payment schedule is more profitable for the client. Partial early repayment is possible. Money overpaid in excess of the required amount is counted as an advance payment for the subsequent period. However, such conditions are not offered to everyone. By default, mortgages require annuity payments.
Mortgage loan early repayment schemes
The balance of the debt can be repaid at any time from the moment the mortgage agreement is signed until the last day of its validity. If early partial repayment is expected, Sberbank will offer two options. In accordance with the first, the amount of the mandatory payment is reduced. The second involves reducing the loan repayment period. To make the right choice in favor of one method or another, you need to understand their differences and know all the features.
Reducing the monthly payment amount
In case of partial early repayment, the amount of mandatory payments is reduced. This reduces the debt burden, allowing you to leave more money in the family budget and spend it on yourself, family, and friends. The number of months allotted before termination of the mortgage agreement remains unchanged. This reduces the risk of delays in the event of a worsening financial situation, if you leave part of the amount as an emergency reserve (financial buffer).
Reducing the loan term
In such circumstances, after depositing more than the required amount, regular payments remain the same. The return period is changing. This means that you will be able to dispose of the apartment as an owner earlier than planned when signing the contract. All changes in the payment schedule are reflected in the additional agreement and in your Sberbank Online personal account. It should be understood that in the future you will have to pay the same amount as before the partial early repayment.
Early partial repayment of a mortgage loan
If the borrower has the opportunity to repay part of the loan amount, it is necessary to immediately place it in the account from which monthly payments are written off, and contact the bank manager to recalculate the accrued interest.
If the loan is partially repaid, funds in excess of the monthly payment will be used to cover the principal loan. Therefore, the larger the amount used, the lower the interest paid becomes.
This option is only possible on the day the payment is written off, subject to contacting the bank at least a day in advance.
Conditions for early repayment of mortgage
The main thing is to notify the bank of your intention to “close” the loan a month before paying the balance of the debt. The main conditions are the following statements:
- Applications for early repayment are accepted only from the borrower (co-borrowers).
- Applications are accepted in writing in person or online.
- If applying in person, contact the office that issued the mortgage loan.
- The minimum one-time payment is at least 15,000 rubles.
Any changes to the schedule of further payments are reflected in the document - an additional agreement to the loan agreement. It is an integral part of the latter, and is signed by a Sberbank employee and the borrower.
How to repay a mortgage early at Sberbank, conditions
To understand how it is more profitable and how to correctly pay off your debt obligations, you should decide on the type of agreement. Before starting cooperation, each client chooses the most suitable option among the currently available https://www.sberbank.ru/ru/person/credits/homenew. At any time, you can calculate in the program, using a calculator, the schedule and size of your payments for 2020, as well as the amount to be paid.
The conditions that are a mandatory component of early repayment of a mortgage at Sberbank have points common to all types of agreements:
- the term of cooperation is being revised, a written application must be sent in person to the bank branch;
- settlement will be possible only on the next day from the date of submission of the request;
- The contract can be completely closed after the expiration of one calendar month;
- updated information on the question: is it possible to repay a mortgage partially ahead of schedule at Sberbank - the minimum amount is calculated based on the outstanding balance;
- funds must be deposited before the actual debiting - if the agreed amount is not on the account key to the agreement, the operation is automatically canceled;
- partial repayment does not imply cancellation of the payment, but only its proportional reduction;
- the main part of the amount in case of incomplete payment reduces the loan amount, and not its interest;
- Depositing the amount is available in any convenient way - terminal, online banking, branch;
- The early mortgage repayment calculator in Sberbank automatically updates the schedule of further payments, and the information is provided to the client in printed form.
In order to make the correct deposit of funds, regardless of the amount, it is recommended that you first read the terms of your agreement or consult with a specialist - this option is provided by telephone.
Methods for early repayment of a mortgage loan
It is allowed to repay the debt to the bank six months after purchasing the apartment. Amounts can be deposited into the account through a cash register, at an ATM (terminal), or in the personal account of a Sberbank client. Loan repayment is made according to schedules. When repaying early, a number of rules should be followed to avoid unnecessary costs and save time. After all, interest on the loan is calculated for each day of use of funds provided by the bank.
Rules for early partial repayment
You will have to contact the branch that issued the mortgage. An alternative is to submit an application remotely using the functionality of your personal account. This requires that:
- The amount of mandatory payment and overpayment exceeded 15,000 rubles.
- The application was submitted a month in advance in person or via the Internet.
- The document is signed personally. The electronic request is confirmed by a code from SMS.
It is advisable to immediately contact Sberbank after the transaction to negotiate new terms for repaying the remaining debt.
Action plan
The step-by-step algorithm involves the following actions by the borrower:
- Submitting an application indicating the repayment amount.
- Waiting for bank approval (arrives within a month).
- Depositing banknotes into the account (crediting).
After this, contact the branch of the bank that issued the loan, receive a new payment schedule, and sign an addendum to the main agreement. You must have a valid (not expired) passport with you. It is advisable to take a second ID with you. A driver's license, photo pass, military ID, etc. will do.
How to pay off a mortgage loan in full early?
You must strictly follow the step-by-step instructions, which include the following steps:
- Find out the balance amount - contact the bank office or call the hotline number-0.
- Deposit funds into the account provided by Sberbank for monthly payments. Payment must match the amount requested.
- Receive a receipt, contact the operator, make sure that after crediting the account balance becomes zero.
Be sure to obtain a certificate confirming that there are no more debts and the agreement has been terminated due to the return of the loan funds in full. Contact your local Rosreestr office, submit an application, and remove the encumbrance. Then you can dispose of real estate without restrictions.
